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Jump Starting the Euro Area Recovery : Would a Rise in Core Fiscal Spending Help the Periphery?

Blanchard, Olivier J. - 2015

We show that a fiscal expansion by the core economies of the euro area would have a large and positive impact on periphery GDP assuming that policy rates remain low for a prolonged period. Under our preferred model specification, an expansion of core government spending equal to one percent of...

Persistent link: https://www.econbiz.de/10013018304

Fiscal Increasing Returns, Hysteresis, Real Wages and Unemployment

Blanchard, Olivier J.; Summers, Lawrence H. - 2021

. The first part of this paper shows that increases in employment in Europe are likely to be associated with rising real …

Persistent link: https://www.econbiz.de/10013218438

The Quality of Labor Relations and Unemployment

Blanchard, Olivier J.; Philippon, Thomas - 2021

In countries where wages are primarily set by collective bargaining, the effects on unemployment of changes in the economic environment depend crucially on the speed of learning of unions. This speed of learning is likely to depend in turn on the quality of the dialogue that unions have with...

Persistent link: https://www.econbiz.de/10013224217

Wage Dynamics : Reconciling Theory and Evidence

Blanchard, Olivier J.; Katz, Lawrence F. - 2021

U.S. macroeconomic evidence shows a negative relation between the rate of change of wages and unemployment. In contrast, most theories of wage determination imply a negative relation between the level of wages and unemployment. In this paper, we ask whether one can reconcile the empirical...

Persistent link: https://www.econbiz.de/10013225129

European Unemployment : The Evolution of Facts and Ideas

Blanchard, Olivier J. - 2021

In the 1970s, European unemployment started increasing. It increased further in the 1980s, to reach a plateau in the 1990s. It is still high today, although the average unemployment rate hides a high degree of heterogeneity across countries. The focus of researchers and policy makers was...

Persistent link: https://www.econbiz.de/10013248147

The Economic Future of Europe

Blanchard, Olivier J. - 2021

After three years of near stagnation, the mood in Europe is definitely gloomy. Many doubt that the European model has a …, productivity growth has been much higher in Europe than in the United States. Productivity levels are roughly similar in the … European Union and in the United States today. The main difference is that Europe has used some of the increase in productivity …

Persistent link: https://www.econbiz.de/10013243948

Revisiting European Unemployment : Unemployment, Capital Accumulation, and Factor Prices

Blanchard, Olivier J. - 2000

This paper starts from two sets of facts about Continental Europe.The first is the steady increase in unemployment … of chronic excess employment by firms. The second explanation points to technological bias: firms in Continental Europe …

Persistent link: https://www.econbiz.de/10014158147

Hysteresis and the European Unemployment Problem

Blanchard, Olivier J.; Summers, Lawrence H. - 2021

European unemployment has been steadily increasing for the last 15 years and isexpected to remain very high for many years to come. In this paper, we argue thatthis fact implies that shocks have much more persistent effects on unemployment thanstandard theories can possibly explain. We develop a...

Persistent link: https://www.econbiz.de/10013230402